Study
| EST. READ TIME 1 MIN.Wage and Price Controls: Panacea for Inflation or Prescription for Disaster?
This Study by Professor J. Carr of the University of Toronto is the first in a series of six on the topic of wage and price controls that the Fraser Institute published.
Each of the studies in the series is designed to deal with a particular aspect of inflation or wage and price controls. This study was designed to investigate the causes of inflation in general and the sources of Canada's present predicament in particular. The study comes to conclusions in that regard and presents a point of view - a refreshingly different economic study on that account alone.
Wage and price controls suspend individual rights, impose a system of law that, by design, does not treat equals equally, and impose arbitrary bureaucratic control over people's lives. In view of these high 'fixed' costs, Professor Carr has also attempted to ascertain the operational costs and benefits of wage and price controls. In other words, what side effects does the 'cure' produce other than its obvious effects on individual freedom of choice.
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Jack Carr
Jack Carr was born in Toronto in 1944 and graduated from the University of Toronto in 1965 before taking hisPhD. at the University of Chicago in 1971. In 1968 he joined the department of Political Economy in the University of Toronto and became Associate Professor in 1973. Professor Carr is also a Research Associate of the Institute for Policy Analysis at the University of Toronto. During the 1975-76 academic year he was a Visiting Scholar at the Department of Economics, University of California in Los Angeles.Professor Carr's publications include: The Money Supply and the Rate of Inflation, a study prepared for the Prices and Incomes Commission in 1972; Cents and Nonsense (Holt, Rinehart and Winston), a book of popular essays on economic policy, and numerous contributions to scholarly journals.… Read more Read Less…
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